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FxWirePro: Silver trades marginally lower, faces strong support at $16.98 mark

  • XAG/USD is currently trading around $17.14 marks.
     
  • It made intraday high at $17.28 and low at $17.13 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at $17.28 mark.
     
  • A daily close above $17.28 will test key resistances at  $17.36, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
     
  • On the other side, a daily close below $17.28 will take the parity down towards key supports at $17.12, $16.98, $16.87, $16.80, $16.72, $16.58, $16.40, $16.21 and $16.10 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position in XAG/USD around $17.10, stop loss $16.98 and target of $17.28/$17.37 mark.

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